Quote:
Originally Posted by woj
That doesn't really make sense, I always thought, I thought they make money on you even if you don't carry a balance... not much, maybe 1% of the transactions, but enough to make it worthwhile to keep the customer...
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When I first got my card my bank was constantly reminding me that I could use my credit card to buy everything without any extra charges; if I chose to use electronic card debit instead then I'd be paying per transaction. They knew I paid off the balance in full each month, but they'd still be making the $ from merchant fees.
Doesn't work so well these days because Australian retailers are now legally permitted to add a surcharge for CC transactions.